Bitmine Stock Jumps as Company's Treasury Hits $11.4 Billion
Bitmine Immersion Technologies Inc's (NYSE:BMNR) shares are on the rise, climbing by 13.35% to $20.72 by Wednesday afternoon, according to Benzinga Pro data.
The surge in BMNR stock comes as momentum builds across digital asset markets, with Bitcoin (BTC) trading above $68,500 and Ethereum (ETH) approaching $2,100.
Bitmine's management announced on Monday that the company has reached a combined treasury of crypto, cash, and strategic investments worth $11.4 billion.
The treasury includes 5.82 million ETH tokens, representing 4.8% of the global Ethereum supply, with 5.07 million staked ETH, as well as a total of 210 Bitcoin.
Management highlighted that Bitmine is 96% of the way toward its goal of holding 5% of the total ETH supply.
To enhance shareholder value alongside token accumulation, management reported repurchasing 1.7 million common shares last week, bringing total buybacks to over 20.8 million shares under its $4 billion repurchase program.